Tell us some details of the deal and your plan to increase the home's value.Any chance you can convert it to 2 full baths?

My father and I just bought a 2-Flat with hopes of turning the basement into a legal unit. It has adequate ceiling height and is very big. Has anyone had experience with this type of thing or familiar with the process?

Since they made such a mess I ended up renovating the unit and converting it from a 1bd to a 2bd and for $10k in renovations I now get an extra $3600/year in cashflow.

Is it possible to get a line of credit on a rental property  that I converted to an LLC(Massachusetts)?

The property has 4 units total: one main house (will be our primary residence), a converted garage (upstairs and downstairs unit), and a pool house.

They are both on basically the same street.Both homes have a detached garage that could be converted to liveable spaces and rented out.Home #1 is currently rented with a great tenant, basically month to month, $850 per month.Home #2, I live in, and its almost fixed up enough to rent out.

I have since converted it to a rental.

Live there for a year, then move out and convert it to a rental.

I got an in-house loan at 7% because my home was somewhat unique, and then converted to a lower interest Fannie Mae/Freddie Mac after some remodeling.

Keep hearing different answers from fines to converting it back to a single or nothing at all.